Stingray Completes Acquisition of Broadcaster Newfoundland Capital

Stingray Digital Group Inc. today announced that it has completed the previously announced acquisition of Newfoundland Capital Corporation Ltd., a Canadian radio broadcaster with 101 licences (82 FM and 19 AM) across Canada.

NCC reaches millions of listeners each week through a variety of formats and is a recognized industry leader in radio programming, sales, and networking. NCC operates 72 local radio stations and 29 repeating stations — also available on web and mobile — in seven provinces. NCC holds the second largest number of radio licences in Canada and employs approximately 800 radio professionals nationwide.

As a result of the closing of the transaction, Rob Steele has stepped down as president and CEO of NCC and Ian Lurie will continue to assume leadership responsibilities with regards to Stingray’s new radio operations.

“The transaction closed today signals the creation of Canada’s largest public independent media company, and of that, I could not be more proud,” says Eric Boyko, president, co-founder, and CEO of Stingray. “Through the integration of NCC’s assets and extraordinary talent - both on and off the air - we are poised to take Stingray to new levels of growth and success. Radio is a medium that has personal resonance with each of us, whether for music discovery or local news, and I am confident in its future as it evolves within the digital landscape. Canadian advertisers will especially benefit from the scope of innovative digital products unlocked by this transaction. I want to thank our board of directors, shareholders, and employees for their demonstration of support throughout this process. Today is a day for celebration, but more importantly, to welcome 800 new employees to the Stingray family.”

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